I did a really shit job explaining to my GF the reasons why Bitcoin can only ever have 21 million coins.
Anyone got a simple, succinct explanation for this?
The goal is to have it easy enough that ...
- If you take a very big bucket of sand and see this as the total supply of bitcoin that will ever be mined.
- Then you start "mining" by taking a shovel of sand out of the bucket every 10 minutes.
- This shoveling never stops.
- The start you have a big shovel to take out the sand from the bucket.
-In the beginning you managed to get most of the sand out the bucket. with the big shovel.
- But every 4 hours the shovel gets smaller. This halving of this shovel happens every 4 hours.
- After some time the shovel is so small it will take pretty much forever to get that last bit of sand from the bucket.
Does it make sens?
- Then you start "mining" by taking a shovel of sand out of the bucket every 10 minutes.
- This shoveling never stops.
- The start you have a big shovel to take out the sand from the bucket.
-In the beginning you managed to get most of the sand out the bucket. with the big shovel.
- But every 4 hours the shovel gets smaller. This halving of this shovel happens every 4 hours.
- After some time the shovel is so small it will take pretty much forever to get that last bit of sand from the bucket.
Does it make sens?